News

Freehold 1.23 acre industrial site sold at Wharf Road, Enfield

Gilmartin Ley acted for J Browne Construction Company in the sale of a 1.23 acre industrial / distribution site comprising a 14,200 sq ft warehouse plus open storage yard. 

Advising on recommended marketing terms and strategy, Gilmartin Ley secured several offers above the asking price of £1.5 million within four weeks of marketing.

Gilmartin Ley analysed the competing offers, explaining their relative merits to the client and agreed the optimum terms including a swift timetable for exchange and completion to suit the client.  The sale completed in September 2011 to Segro plc at a price of £1.75 million, equating to £1.4 million per acre.

Please click here for details of other industrial property we are marketing. If you are thinking of selling a commercial property please contact Joe Salmon MRICS or Chris Gilmartin MRICS on 020 8882 0111.

21,500 sq ft Enfield industrial unit acquired for Precision Engineering Plastics

Gilmartin Ley acted for Precision Engineering Plastics in the acquisition of a 21,500 sq ft industrial unit.

Gilmartin Ley's role included sourcing the property, negotiating the terms of the acquisition with the seller's agent and dealing with an application for changing the planning use from warehouse (B8) to general industrial (B2).

Precision Engineering Plastics acquired the freehold interest in 1063 Mollison Avenue, Enfield for just under £2 million for their own occupation in September 2010.

For acquisition advice on industrial property please contact Michael Gilmartin FRICS on 020 8920 9942 in the first instance.

Acquisition for Which? Mortgage Advisers

Gilmartin Ley acted for Which? Mortgage Advisers in their search and acquisition of 5,000 sq ft of Grade ‘A’ office space in Bristol.

Gilmartin Ley worked closely with Which? Mortgage Advisers to understand their operational needs, and to assess the occupational requirements.  Following an initial search for suitable space within the M4 corridor, Bristol was chosen as the preferred location. This was due to a number of property and non-property factors. In particular, the strong pool of specialist talent for Which? Mortgage Advisers to recruit from.  Gilmartin Ley sourced a selection of high quality properties in the city centre and inspected these with their client before negotiating terms on each of the shortlisted offices.  After a period of negotiations, suitable terms were agreed for the acquisition of the offices at One Castlepark, Tower Hill, Bristol where Which? Mortgage Advisers are now based providing impartial straightforward mortgage advice to all consumers.

May 2011

Completion of strategic advice at Vantage Point Barnet

After the developers of a 17 flat residential development had gone into administration, Bank of Ireland, a long-standing client of Gilmartin Ley, and BDO LLP (administrators) were left with a 90% completed building in a prime position in Barnet.

Gilmartin Ley were called in to plan and implement an exit strategy.  This involved working closely with the administrator, resolving problems including remedying sub-standard construction works, sales strategy advice and managing sub-agent Lanes New Homes who achieved excellent sale prices for the flats, and even included negotiating the acquisition of two parts of land on which the block had been constructed but which were not within the land owned by the former developers.

The process began at the depth of the recession at the end of 2008 and concluded in June 2011 with the sale of the ground rents at auction.

Barnet industrial unit with ancillary offices sold

Acting for a long-standing private pension fund client who wished to dispose of his property on Lancaster Road Barnet, Gilmartin Ley recommended marketing terms, organised block viewings of the property and secured several offers at an above the asking price of £350,000 within two weeks of marketing.

Gilmartin Ley analysed the competing offers, explaining their relative merits to the client and agreed the optimum terms including a swift timetable for exchange and completion.  In accordance with the agreed timetable, the sale completed at a price equating to £124 per sq ft in April 2011.

Please click here for details of other industrial property we are marketing.  If you are thinking of selling a commercial property please contact Joe Salmon MRICS or Chris Gilmartin MRICS on 020 8882 0111.

Another APC success for Gilmartin Ley

Many congratulations to Michelle Ross who has passed her APC and is now a fully qualified Chartered Surveyor!

Enfield introduces new planning tax

The London Borough of Enfield is one of a handful of Local Authorities who are introducing a new planning tax for residential developments of less than the 'affordable housing limit'.

The new tax which has in principle Secretary of State approval applies to developments of 1 to 9 units in the Borough.  It is payable via a Section 106 Agreement.

The principle behind it is that for small developments it is considered not feasible to require affordable units to be constructed as part of a development and that it is more appropriate for a financial contribution to be paid towards the Borough's fund for affordable housing.

The financial contribution depends on the viability of the development.  Where a planning application is submitted, the applicant is invited either to pay a 'standard rate' contribution or to submit a viability assessment showing why a lesser sum may be appropriate.  The 'standard rate' contribution for a two bedroom flat is £20,600 meaning that a development of 4 x two bedroom units would mean a 'standard rate' contribution of over £80,000.

This policy is not currently in place in neighbouring boroughs such as Barnet.

Further policy information is available in Enfield Council's procedural note dated January 2011.

Highgate High Street Investment Sold

Acting on behalf of Doonfiny Investment, Gilmartin Ley sold the freehold interest in 62-64 Highgate High Street to a private family property company for £5.25m.

Gilmartin Ley have been advising Doonfiny for several years in respect of lettings, rent reviews and valuation matters and this is the first time the property has changed hands for over 50 years.

The property comprises office space, two retail shops, and three flats and is producing a current income of £348,359 p.a..  The average unexpired term of the commercial accommodation (80% of the current income) is c. 4 years.  Two of the units are vacant:  an office of 1,467 sq ft and a workshop with development potential of 486 sq ft.

The purchase completed in May 2010.

Further information including an aerial photo is available here, and details of other investment property Gilmartin Ley is marketing are available here.

Southgate investment with development potential sold for £2 million

Acting on behalf of a Coffey Construction Limited, Gilmartin Ley sold the freehold interest in 141 High Street, Southgate N14.  The property comprises:

• a 1,834 sq ft ground floor retail / banking unit let to Barclays until June 2011 at £29,000 p.a.
• a 422 sq ft ground floor estate agents let until November 2023 at a passing rent of £14,000
• two upper floors of vacant offices with a total net area of 5,507 sq ft

The property was sold with the benefit of a planning consent to add two floors and for the resulting 2nd - 4th floors to provide 18 flats, with the first floor remaining as offices.

The property was sold in May 2010 to a private individual for £2 million.

Mollison Avenue 2.18 acre site acquired for private property company

Gilmartin Ley acted for a private property in the acquisition of the freehold interest in 1050 Mollison Avenue in Brimsdown, Enfield EN3 from the administrators.  The property comrpises a detached and recently constructed prominent warehouse / industrial building of 21,000 sq ft on a site of 2.18 acres.  The transaction exchanged and completed in January 2010 for £2.55 million.